Topic 15

Question 1

Occurs when a product arrives when it is needed, not earlier or later

Answer 1

Time Utility

Question 2

Invloves delivering an item exactly where it is needed, for example, the exact date assigned for drop off, not just at the correct distribution center

Answer 2

Place utility

Question 3

The part of supply chain management that plans, implements, + controls the efficient, effective forward + reverses flow + storage of goods, services and related information between the point of origin + the point of consumption in order to meet customers’ requirements (CSCMP)

Answer 3

Logistics

Question 4

Effective logistics management is about getting the right product to the right customer, at the right time, in the right condition, in the right quantity, at the right place + for the right cost

Answer 4

Seven rights of Logistics

Question 5

Deals with the flow of information + the visibility of shipments during movement + storage

Answer 5

Processing

Question 6

External service suppliers that perform all or part of a company’s logistics functions

Answer 6

Third-party logistics Providers (3PLs)

Question 7

The process, equipment, people + flows that support a particular industry or activity

Answer 7

Infrastructure

Question 8

Reducing the speed of a ship dramatically in order to reduce fuel consumption + environmental damage

Answer 8

Slow Steaming

Question 9

Refers to situations in which a trailer is filled with freight + travels from origin to destination without intermediate stops for loading, unloading, or consolidation of loads

Answer 9

Truckload

Question 10

Carriers that consolidate smaller loads from multiple customers to fill a trailer + achieve shopping economies

Answer 10

Less-than-truckload

Question 11

Integrators such as DHL, FedEx, + UPS, which carry very small loads from shippers to individual customers

Answer 11

Parcel

Question 12

Physically delivering an item the last bit of distance to a customers home

Answer 12

Last-mile

Question 13

The practice of combining transportation modes while moving products

Answer 13

Intermodal Transportation

Question 14

Shipping term that indicates that the buyer is responsible for choosing + paying for the transportation + bears all the risk from the time the shipment leaves the supplier

Answer 14

FOB origin

Question 15

Shipping term that indicates that the seller is responsible for choosing + paying for the transportation + bears all the risk from the time the shipment leaves the supplier

Answer 15

FOB destination

Question 16

Standardized international commercial terms that define obligations, costs, + risks in the delivery of goods from the seller to the buyer

Answer 16

Incoterms

Question 17

The software that helps a logistics manager keep track of the movement + storage of the materials they have in their DC system

Answer 17

Warehouse Management Systems

Question 18

Logistics creates value through

Answer 18

Movement, Storage, Processing

Question 19

Modal Choice, Carrier Selection, Transportation Routing, and Outsourcing

Answer 19

Transportation Decisions

Question 20

Recieve incoming products and load on to a waiting trailer mixed with other products

Answer 20

Cross-dock

Question 21

Receive large-volume Tl, broken down and delivered using LTL

Answer 21

Breakbulk

Question 22

Store imported or exported materials in order to delay taxes

Answer 22

Customs Warehouse